Market Commentary     21-Jun-24
Broader mkt rallies; IT shares in demand
The benchmark indices traded with small gains in morning trade. The Nifty traded near the 23,600 level. IT shares witnessed buying demand for the third consecutive trading session.

At 10:30 IST, the barometer index, the S&P BSE Sensex was up 20.24 points or 0.02% to 77,499.17. The Nifty 50 index added 32.40 points or 0.14% to 23,599.40. The Nifty clocked an all-time high of 23,667.10 in early trade.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index added 0.44% and the S&P BSE Small-Cap index rose 0.40%.

The S&P BSE Small-Cap index hit an all-time high at 52,272.55.

The market breadth was positive. On the BSE, 1,933 shares rose and 1,255 shares fell. A total of 107 shares were unchanged.

Buzzing Index:

The Nifty IT index gained 2.07% to 35,658. The index rallied 3.06% in three consecutive trading sessions.

IT index, Coforge (up 2.2%), Persistent Systems (up 2.12%), Infosys (up 2.06%), LTIMindtree (up 2.04%), Tata Consultancy Services (up 1.71%), L&T Technology Services (up 1.64%), HCL Technologies (up 1.48%), Tech Mahindra (up 1.07%), Mphasis (up 1.03%) and Wipro (up 0.99%) advanced.

Stocks in Spotlight:

Sun Pharmaceutical Industries rose 0.81%. The compnay said that it has entered into a non-exclusive patent licensing agreement with Takeda Pharmaceutical Company (Takeda) to commercialise Vonoprazan tablets in India under the brand name "Voltapraz”.

Time Technoplast surged 8.53% after the company said that it has received final approval from Petroleum and Explosives Safety Organization (PESO) for manufacturing and supply of high-pressure type-iv composite cylinders for hydrogen.

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